Yesterday though Nifty defended 18300 & closed at 18344 but failed to hold not only 18400 but also 5DSMA 18367. Day to day basis down -66 points or -0.36%. It formed a small DOJI candle with a narrow range of just 100 points in between 18300 & 18400 which indicates indecisiveness.
After 4 days consecutive higher top formation yesterday was the 1st bearish red candle on the weekly expiry day as closing was lower than opening. In broader markets selling continued .
Consolidation phase is going on with narrow range momentum. Short term basis fresh weakness only below 18200.
On the Upside Intraday basis Positive above 18366 resistances are 18400-18424 & then 18460.
Swing based hurdles are above 18500 -18555 to all time high 18600.
On the down side 18300 is a crucial level & followed by 18250 <9dma>/200, very vital supports & this range should hold to maintain the current uptrend. If breaches that then as a swing basis may correct upto 18100—18000. Intraday basis negative below 18293 then Supports are 18266, 18233 and 18200.
On the options front, the immediate trading range is expected to be 18200-18500.
India VIX before closing 1.47 percent lower at 14.88.
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